• Become redundant, or unemployed; • Have a reduction in pay of at least 20% (comparing the most recent payslip against a previous payslip from the same year); or • If self-employed, have a reduction in revenue of at least 30% (by comparing one month’s revenue against the same month for the previous year), provided the request is made in writing by You to Us and has been accepted by Us . We will resume cover without requiring evidence of health for any insured person when the requested suspension period expires. Once cover is reinstated, Total Premiums must recommence. We will not pay any Benefits under this Policy in respect of any claim event that first meets the criteria for an eligible claim while cover is suspended. If the Policy Schedule shows that You have selected the Involuntary Redundancy Benefit option, during the term of this Benefit We will pay a Benefit for each full month following the Involuntary Redundancy (as defined in Clause 14 “ Optional Involuntary Redundancy Benefit ” under Section D below) of the Life Assured up to a maximum period of six (6) months, or until the Life Assured has commenced alternative employment whichever is the earlier. This Benefit is a monthly Benefit paid in arrears and will commence after the first 30 days of any period of total unemployment. Benefit payments will be made upon receipt of proof acceptable to Us that the Life Assured remains unemployed and is registered with Work and Income New Zealand, or any subsequent Government Employment Agency and is actively seeking employment. The maximum monthly payment is the monthly Benefit specified in the Policy Schedule or $2,500 whichever is the lesser (Per Life Assured ). If You have more than one (1) OPTIONAL INVOLUNTARY REDUNDANCY BENEFIT this will be subject to the maximum monthly payment of the monthly Benefit specified in the Policy Schedule or $2,500 (Per Life Assured ) whichever is the lesser. The Life Assured must return to work for a period of at least twelve (12) consecutive months prior to making another claim on the Optional Involuntary Redundancy Benefit . The Optional Involuntary Redundancy Benefit is payable for a total maximum of twelve (12) months per Policy . You may at any time prior to the Life Assured reaching age fifty five (55) increase the Sum Assured for the Mortgage Income and Rent Benefit under this Policy on the occurrence of any of the Special Events (A-D) listed below without further evidence of health. Requests for increases must be made within six (6) months of a Special Event . You can make more than one Special Events increase during each Policy Year . You may increase the Sum Assured more than once in respect of each Special Event . A Special Events increase is NOT available if the Life Assured has been the subject of a claim (whether accepted or not) or entitled to claim under this Policy . For the sake of clarity this includes any claim currently under assessment.
OPTIONAL INVOLUNTARY REDUNDANCY BENEFIT
10
SPECIAL EVENTS INCREASE
11
PC-MIRC- 05/2026
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